Prime Batteries Technology, a leading innovator in the design, production, and distribution of lithium-ion batteries and custom storage systems, has signed an investment agreement with EIT InnoEnergy, the EU’s innovation engine for sustainable energy.

With this investment, EIT InnoEnergy becomes a formal shareholder in Prime Batteries Technology, helping the company realise its goal of increasing annual production output to 8GWh, gaining access to talent, and becoming a success story in the European battery value chain.

Prime Batteries Technology has been in business for a long time, making batteries and custom storage solutions for a wide variety of markets, such as the transportation, marine, manufacturing, logistics, and energy storage sectors. Due to the company’s comprehensive value chain solutions and in-depth knowledge of customers’ needs, it has formed fruitful partnerships with major DSOs, EPCs, and renewable energy producers in the UK, Germany, Norway, Spain, Italy, Poland, Croatia, Slovenia, and Turkey.

Especially in Europe, where demand far exceeds supply, the value of the global battery market is expected to double in the next four years as a result of the rapid growth in demand for lithium-ion batteries. This investment is a good example of the sharing of knowledge and resources that is necessary for the rapid capacity scaling of market leaders, and it will help the country surpass China as the world’s second-largest producer of batteries by 2025.

Source: Prnewswire